Braemar Property Value Report: November-December 2018 (Courtyard Series)
My plan was to get this Braemar Property Value Report out a lot earlier today. Yet, here I sit at near ten o’clock in the evening typing away. The best laid plans go to the wayside when you have a sick kitty in the emergency vet. He’s back home now and stressing over his e-collar, and I’m stressing over him stressing over it. The logical side of my brain has decided that my stress is misplaced and it’s time to get this report done. Yay! A distraction. Meanwhile, let me just say how wonderful it is that we have Artemis so close to home.
This is the Braemar Property Value Report for Courtyard homes in our neighborhood. Braemar Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space. Models include the Arlington, Ballston and Clarendon.
During the last two months of 2018, there were three Braemar Courtyard homes that sold. The details of those sales are listed below.
Taking these most recent Courtyard home sales, along with the last year’s worth of Braemar Courtyard home sales, I ran updated six and twelve month data points. These are what tell us whether our market values are increasing, decreasing or stable.
Sold price is first and foremost to investigate. The six month average sold price has fallen below the twelve month average sold price. That is indicative of falling sold prices. However, the six month median sold price has risen above the twelve month median sold price. That indicates rising prices. So which is it? Slight differences in value in either direction is indicative of stability.
Seller subsidy (closing cost assistance to buyers) has a definite trend. The six month average and median seller subsidy values are both well below the twelve month average and median values. That means Braemar Courtyard home owners have been giving less closing cost assistance in the last six months. Of course, all of the most recent sales have higher seller subsidy that the six month average and median.
Days on market, or marketing time as I like to call it, is one that also shows a definite trend, but I am not sure it is reliable. In November our region switched to a new MLS system that calculates days on market differently than our former MLS. As a result of the change, I expect to see marketing time increasing in the six month values as we move through the new year. Not surprising, the days on market is the six month average and median are both longer than the twelve month average and median values. Once we have apples to apples comparisons in marketing time, we’ll have more reliable data here.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement withing about two and a half months. You could also expect to give an average of about 1% of the sales price in closing cost help.
The next Braemar Property Value will be out in late March. Until then, you can sign up for email delivery of the hardcopy report, which you can save for your records, much like a financial statement. Just send me an email at ChrisAnn@LNF.com. Of course, when it is time to sell your Braemar Courtyard home, give me a call for a free market analysis of your specific home’s value. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®